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    #16
    Sorry Bob, a duh moment, you did say that in your original post didn't you?!

    If an annual license I would expense, if more than one year I would prorate per year.

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      #17
      OK>>>>> One less return to do. 15 more to go...............................
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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        #18
        Originally posted by newbie View Post
        Sorry Bob, a duh moment, you did say that in your original post didn't you?!

        If an annual license I would expense, if more than one year I would prorate per year.
        I agree...think of insurance and other items that are paid for in advance. I would prorate it.
        Believe nothing you have not personally researched and verified.

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          #19
          It is a 197 intangible. From the list in TTB

          • Licenses, permits, or other rights granted by a governmental
          unit or agency.

          As for materiality, we don't have enough information to make that decision even from a GAAP standpoint. As for the IRS I don't have the cite handy but their definition is that it's material if it changes the timing of a deduction. There is no mention of any dollar figure.

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            #20
            I'd still expense it (I might reconsider if his expected annual gross receipts were under $40,000 or so, but that isn't likley).
            Last edited by JohnH; 05-24-2010, 10:48 AM.
            "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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              #21
              Originally posted by JohnH View Post
              I'd still expense it (I might reconsider if his expected annual gross receipts were under $40,000 or so, but that isn't likley).
              Thanks everybody for your replies...................
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

              Comment

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